Hurlow Wealth Management Group Inc. Raises Position in Verizon Communications Inc. (NYSE:VZ)

Hurlow Wealth Management Group Inc. increased its holdings in Verizon Communications Inc. (NYSE:VZGet Rating) by 6.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,672 shares of the cell phone carrier’s stock after purchasing an additional 378 shares during the quarter. Hurlow Wealth Management Group Inc.’s holdings in Verizon Communications were worth $339,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in VZ. Norges Bank purchased a new position in Verizon Communications in the 4th quarter worth $1,884,917,000. BlackRock Inc. grew its holdings in Verizon Communications by 4.8% in the 1st quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock worth $15,521,461,000 after acquiring an additional 13,959,954 shares during the last quarter. Vanguard Group Inc. grew its holdings in Verizon Communications by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock worth $16,821,462,000 after acquiring an additional 8,570,818 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Verizon Communications by 71.7% in the 1st quarter. Fisher Asset Management LLC now owns 16,787,501 shares of the cell phone carrier’s stock worth $855,155,000 after acquiring an additional 7,008,579 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Verizon Communications by 81.3% in the 1st quarter. Renaissance Technologies LLC now owns 10,604,493 shares of the cell phone carrier’s stock worth $540,193,000 after acquiring an additional 4,756,222 shares during the last quarter. Hedge funds and other institutional investors own 62.83% of the company’s stock.

Verizon Communications Stock Up 0.5 %

Shares of Verizon Communications stock opened at $41.25 on Monday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76. The stock has a market capitalization of $173.24 billion, a PE ratio of 8.27, a price-to-earnings-growth ratio of 1.91 and a beta of 0.36. Verizon Communications Inc. has a 52-week low of $40.66 and a 52-week high of $55.51. The company has a 50-day simple moving average of $44.82 and a two-hundred day simple moving average of $48.87.

Verizon Communications (NYSE:VZGet Rating) last issued its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The firm had revenue of $33.79 billion during the quarter, compared to analysts’ expectations of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the firm posted $1.37 earnings per share. On average, analysts anticipate that Verizon Communications Inc. will post 5.19 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be issued a dividend of $0.6525 per share. This represents a $2.61 annualized dividend and a dividend yield of 6.33%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, October 6th. Verizon Communications’s payout ratio is presently 51.30%.

Insider Activity

In other news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total transaction of $80,112.36. Following the completion of the transaction, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at $1,717,582.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on VZ. Scotiabank lowered shares of Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a report on Friday, July 22nd. Wells Fargo & Company cut their price target on shares of Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating on the stock in a report on Friday, July 8th. Credit Suisse Group cut their target price on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 21st. Barclays lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $57.00 target price on shares of Verizon Communications in a research note on Friday, June 24th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications presently has an average rating of “Hold” and a consensus target price of $55.68.

Verizon Communications Company Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

See Also

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZGet Rating).

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.